Feeds

i-Mate has no friends

You can't play at the Alternative Investment Market

Remote control for virtualized desktops

i-Mate, the Windows Mobile handset manufacturer, will be delisted from the Alternative Investment Market as the share price sinks below a penny and the CEO takes back control of the company.

The Financial Times reports that Jim Morrison, the colourful CEO who still owns more than three quarters of i-Mate, will take full control as the company withdraws from the AIM - itself a listing service for companies with insufficient heft for the London Stock Exchange.

Delisting will save the company over £1m a year. While its shares were once worth more than £2, they're currently languishing below a penny since halving in value in July, and again in September.

The problems should be familiar to anyone with experience in electronics' manufacture - quality control issues and the cost of bringing a range of devices to market with limited production runs of each. Manufacturing is all about volume, which presents a huge barrier to entry for new players unless they have the kind of marketing savvy, and economic muscle, that only Apple has been able to demonstrate in recent years.

i-Mate handsets have a feature set that competes with the best of breed, but without the volume the company lost $61m in the 12 months to March this year, and has already managed to lose $10.8m since then (to the end September).

Now the question becomes how long the company can survive - cash reserves are down to $11.2m, considerably less than the $29m they had back in March when the company was confident that reserves would last at least 12 months.

Once delisted the Chairman, Bernard Cragg, will step down leaving the rambunctious Mr Morrison to take the mantel of chair as well as CEO. He will then attempt to pilot i-Mate through the wreckage left by previous companies attempting to take on the oligopoly of handset manufacturers. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
YOU are the threat: True confessions of real-life sysadmins
Who will save the systems from the men and women who save the systems from you?
Broadband sellers in the UK are UP TO no good, says Which?
Speedy network claims only apply to 10% of customers
Virgin Media struck dumb by NATIONWIDE packet loss balls-up
Turning it off and on again fixes glitch 12 HOURS LATER
Fujitsu CTO: We'll be 3D-printing tech execs in 15 years
Fleshy techie disses network neutrality, helmet-less motorcyclists
Facebook, working on Facebook at Work, works on Facebook. At Work
You don't want your cat or drunk pics at the office
Soz, web devs: Google snatches its Wallet off the table
Killing off web service in 3 months... but app-happy bonkers are fine
Ofcom tackles complaint over Premier League footie TV rights
Virgin Media: UK fans pay the most for the fewest matches
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
How to simplify SSL certificate management
Simple steps to take control of SSL certificates across the enterprise, and recommendations centralizing certificate management throughout their lifecycle.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.